"Newcastle United also has an overdraft of £20m that is fully committed.

"The board have therefore structured a five-year plan in which the ultimate goal will be to ensure the club is run at a 'break-even' manner by the year 2015-16."

Meanwhile Hughton's position as manager for the forthcoming season has been confirmed, as the board seek to quash speculation a new manager would be introduced ahead of the Premier League return.

However Hughton was given money to spend on players during the January transfer window, bringing in defenders Mike Williamson and Danny Simpson, winger Wayne Routledge and striker Leon Best - all for undisclosed fees.

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